We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

APR is it fair?

Options
ryantcb
ryantcb Posts: 273 Forumite
edited 30 October 2009 at 7:21PM in Credit cards
I wanted to delete this post but cant see how








142.3312 148.0244 153.9454 160.1032
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam

Comments

  • King_Weasel
    King_Weasel Posts: 4,381 Forumite
    Yes, APR means ANNUAL percentage rate.

    What you seem to have missed in your understanding is that the credit card company is levying an APR of approx 60%. I can't believe they stated otherwise.
    However hard up you are, never accept loans from your friends. Just gifts
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    there are very very few CC that offer 4%APR
    generally they charge 20-30% .. maybe you are looking at there monthly rate rather than APR


    however if they did offer 4% APR, then on 100 they would add £0.3274 to the debt in interest for the first month

    the second month your debt would be 100.3274 so the interest would be £0.3284

    so in the third month then your debt would be £100.6558
    and the interest would be 0.3295

    ........
    after 12 months the total will be £104
  • izools
    izools Posts: 7,513 Forumite
    1,000 Posts Combo Breaker
    OP might have deleted his post but this sounds like Vanquis.

    They post the Simple interest rate on their statements, and when I call them they also quote the annual simple interest as the APR.

    I typically have to ask three to four times "I know you are quoting the simple interest rate. That is NOT what I asked for, tell me the ANNUAL percentage rate, or pass me through to your supervisor" then they cough up the real figure.

    They keep claiming that my OH has an APR of 45%. He doesn't, it's 59.9%

    Lying scoundrels, good job I clear in full every month :D
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.